A Recurring deposit is an investment cum savings option for those who want to save regularly over a certain period of time and earn a higher interest rate. It is a type of term deposit which allows one to save a fixed amount of money every month systematically. If you are familiar with SIP in Mutual Funds, RD works similarly in banking. Every month, a fixed amount of money is deducted either from a savings or a current account. And, at the end of the maturity, investors are paid back their invested money with accrued interest.
A user willing to open an RD account with ICICI Bank can choose any amount and term according to your convenience.
ICICI Bank Recurring Deposit Rate of Interest (% p.a.) tenure wise.
|Maturity Period||General (% p.a.)||Senior Citizen (% p.a.)|
|Above 3 years upto 5 years||5.45||5.95|
|Above 5 years upto 10 years||5.60||6.35|
Subject to revision without further notice.
Talk to our investment specialist
If there is an delay in installments then a penalty is charged at monthly interest at the rate of INR 12 per INR 1000. Fraction of a month will be treated as full month for the purpose of calculating such interest.
The total interest chargeable shall be recovered from the total amount of interest payable at the time of maturity.
On pre-mature withdrawal of the Recurring/iWish deposits penalty will be levied on the rate applicable as per the table below:
Interest will be calculated at the rate applicable for the period the deposit has actually remained with ICICI Bank.
|Original Tenure of Deposit||Less than INR 5.0 crore||INR 5.0 crore & above|
|Less than 1 year||0.50%||0.50%|
|1 year & above but less than 5 years||1.00%||1.00%|
|5 years and above||1.00%||1.50%|
A Recurring Deposit calculator is a good way of calculating maturity amount on RD. You can follow this method to estimate your RD amount on maturity.
|Monthly Deposit Amount||500|
|RD in month||60|
|Rate of Interest||7%|
|RD Maturity Amount||INR 35,966|
|Interest Earned||INR 5,966|
Investment Amount:₹180,000 Interest Earned:₹21,474 Maturity Amount: ₹201,474
Maturity Amount: ₹201,474
Currently, ICICI bank is Offering two types of RD accounts-
Buying latest gadgets, or pieces of designer jewellery is now easy. Delightful Deposits, which is a types of RD account helps you to save systematically every month for other luxuries. Also you get to experience attractive top-up offers from partners like Tanishq, Croma, Thomas Cook and more.
It is a type of RD account offered by ICICI bank that doesn't charge any penalties for missed instalments. You can start with small amounts and experience the advantage of goal-based savings.
Tenure wise RD Interest Rates (% p.a.) for iWish:
w.e.f Jan 20, 2022.
|Tenure/Maturity Period||General (% p.a.)||Senior Citizen (% p.a.)|
|7 months - 9 months||4.40||4.90|
|10 months - 11 months||4.40||4.90|
|12 months only||5.00||5.50|
|13 months < 18 months||5.00||5.50|
|18 months - 24 months||5.00||5.50|
|25 months - 3 years||5.20||5.70|
|37 months - 5 years||5.45||5.95|
|5 year 1 day - 10 years||5.60||6.35|
Subject to revision without further notice.
ICICI bank RD accounts offer unique feature to the customers-
A user can deposit a minimum of INR 500 per month and thereafter, deposit in multiples of 100.
One can nominate a single nominee to the RD account, whether held solely or jointly. To avail the nominee option, applicants are required to fill a form prescribed under the Banking Companies (Nomination Rules), 1985.
A user can make deposits for a minimum period of six months and thereafter in multiples of three months. The maximum tenure of Recurring Deposit would be of 10 years.
Also, one can avail loan against ICICI RD deposit.
Resident Indians can open an RD account at ICICI Bank
There are three options to open RD account in ICICI Bank.
One can directly visit the nearest ICICI bank branch to open the RD account.
You need to deposit a small amount of money at every interval. The minimum amount can be as low as INR 500.
SIPs can help in all kinds of investment goals, whether short- or long –term, depending on the frequency of investment, funds chosen and other factors.
SIPs offer flexible instalment plans of daily, weekly, monthly, quarterly etc.
Returns can be earned better here. The longer you invest via a SIP in mutual funds, especially in an Equity Fund, the higher are the chances to earn good returns.
To Cancel SIP, the investors can simply close their investment and withdraw their money without any penal charges.
Here's a list of best performing SIP for an investment horizon above of
five years and above
Fund NAV Net Assets (Cr) Min SIP Investment 3 MO (%) 6 MO (%) 1 YR (%) 3 YR (%) 5 YR (%) 2021 (%) Principal Emerging Bluechip Fund Growth ₹183.316
₹3,124 100 2.9 13.6 38.9 21.9 19.2 SBI Small Cap Fund Growth ₹107.456
₹11,646 500 5.1 0.6 12.7 31.7 18.6 47.6 Sundaram Rural and Consumption Fund Growth ₹61.5992
₹1,075 100 11.9 6.5 12.6 18 8.4 19.3 L&T Emerging Businesses Fund Growth ₹45.014
₹7,336 500 2.3 -4.3 11.5 28.9 13.1 77.4 Franklin Build India Fund Growth ₹64.8972
₹1,028 500 5.4 -1.6 8.7 19.3 10.7 45.9 Note: Returns up to 1 year are on absolute basis & more than 1 year are on CAGR basis. as on 31 Dec 21
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